MoneyLion Inc.

Good day and welcome to Moneyline Inc.' 's first quarter 2024 earnings call. At this time, all participants are in a listen-only mode. We will have a question and answer session following the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that this conference is being recorded. Before we go further, I would like to turn the conference over to Sean Horgan, Moneyline's Head of Investor Relations.

Thank you, Operator. Hi, everyone. Thank you for joining us for our first quarter 2024 earnings conference call. Moneyline CEO Dee Chowbe and CFO Rick Correa are with me today to discuss our results. You can find the presentation accompanying our earnings press release on our investor relations website at investors.moneyline.com. Please note that any forward-looking statements in this commentary are subject to our safe harbor statement, which can be found in our SEC filings and our earnings press release. With that, I will turn the call over to Dee.

Thank you, Sean. Good morning, and thank you all for joining us for our first quarter 2024 earnings call. We kicked off the year with strong momentum. This continued the great progress we made in 2023 when we were hyper-focused on efficiency. In Q1 2024, we accelerated revenue growth and substantially increased adjusted EBITDA and expanded margin quarter over quarter. We are now in the mode of offense with discipline. We continue to scale our consumer reach to record levels, further developed our marketplace and enhanced our world-class personal financial management or PFM experience. The Moneyline ecosystem is evolving into a marketplace first platform and a brand that consumers can trust to make their best financial decisions. Foundationally, we are building an innovating technology to create a unified experience for consumers to learn about search for, compare, select, and complete their checkout of financial products. This technology is made available to any of our enterprise partners and through Moneyline.com and other owned channels. Now, let's turn to the key takeaways for the first quarter of 2024. First, we achieved record quarterly revenue of $121 million. This represents 29% year-over-year growth up from 19% in Q4 2023. This accelerated revenue growth was driven by the strength of our diverse business model. In addition, our Q1 revenue exceeded the high end of our guidance of $115 million to $118 million. Next, we generated record adjusted EBITDA of $23 million for the quarter, up from $17 million in Q4 2023. This reflects a 19.4% adjusted EBITDA margin up from 14.6% in Q4 2023, or approximately 480 basis points of margin expansion quarter over quarter. Adjusted EBITDA also exceeded the high end for guidance range of $15 million to $18 million. And finally, we generated GAAP net income of $7 million and diluted earnings per share of 60 cents. This is a significant profitability milestone for us and reflects our team's execution of our offense with discipline strategy. Turning to total customers, we ended Q1 with 15 and a half million total customers, reflecting an increase of 98% year over year. This represents a substantial user base that we continue to engage and cross sell. Behind this growth, we saw strong conversions on the consumer side of our business, offsetting some of the impact of lower conversions on the enterprise side of the business. We believe a reversion in the economic environment will provide strong tailwinds to conversion rates over time. We continue to see impressive customer growth across our platform quarter over quarter. For Q2, we expect total customers' ads to be above Q1. Next, total product shows the importance of flywheel. The more high-value products we offer through enterprise partners, the more personalized options consumers have network-wide. This leads to a desirable product experience and better consumer outcomes, driving cross-sell and RPO expansion. The better our recommendations are, the more customers come to Moneyline, which in turn attracts more enterprise partners, and the cycle repeats. 25.3 million total products were consumed on our platform through the end of Q1 2024. compared to 14.7 million in the prior year quarter. By the end of the first quarter of 24, 49% of the products consumed were third party, up from 32% through the first quarter of 2023. With third party comprising nearly half of our products consumed life to date, we continue to establish ourselves as a trusted source for consumers to make financial decisions. Of the 2.2 million products consumed in Q1, 1.5 million were third-party products. This marketplace-first approach enhances our ability to provide more personalization, more context and details on financial decisions, and more community-driven insights to drive repeat use. We've had a track record of strong repeat use, which Rick will walk you through in our cohorts. Our investments in artificial intelligence and machine learning allow us to be at the cutting edge of consumer engagement strategies that lead to hyper-personalized cross-sell and the expansion of total product consumption on our platform. This marketplace-first experience is also happening inside the Moneyline app. Moneyline has strategically combined the best aspects of marketplace and direct-to-consumer fintech business models. As a marketplace, we have the ability to rapidly scale our product offerings, creating a network effect and information edge that attract more buyers and sellers. Our direct to consumer FinTech business allows us to maintain direct and deep relationships with customers. In 2024, we are expanding the depth of that relationship to the broader marketplace experience as well. For instance, we're investing in engineering resources to develop even deeper integration with financial institutions by hosting their decisioning models to make the checkout experience more seamless for the consumer. This should further improve conversion rates for the benefit first of the consumer and ultimately for our enterprise partners. Moneyline's best-of-both-worlds, flywheel-focused strategy allows us to create deep relationships with our customers across both our consumer-facing PFM as well as the marketplace. The core of our strategy is to build a relationship with the customer across multiple life decisions. We execute this strategy by continuously innovating and building what is already the most full-featured PFM in the industry. Through our PFM tools, such as personalized dashboards, calculators and insights, trending news and peer-to-peer elements, like commenting, plus a host of snackable educational content, We incentivize consumers to open the app every day to learn how to make their best financial decisions. In this quarter, we released No Money, an original content series produced in-house in our media business. No Money is designed to teach consumers about fundamental financial topics such as budgeting and taxes, demonstrating our investment in and commitment to financial literacy. Owning our own content studio allows us to draw net new consumers into our ecosystem at attractive acquisition costs and also gives us an edge in retaining them over time and helping them with multiple financial decisions. We aim to deliver financial education at scale to a growing community of consumers. In fact, in addition to our embeddable widgets and calculators, our AI-driven search capabilities, we are now beginning to power other financial services companies with our content feed infrastructure as well. Moneyline's unique marketplace matching, personalization, and programmatic compliance technology can also be leveraged by other financial institutions and publishers that seek to better serve their customers by providing a world-class personalized experience and more product options through their own properties across the internet. Our investments in personalization and application of generative AI, the financial content and data are now being packaged for access to any business through developer-friendly APIs. This enterprise solution represents a massive opportunity for Moneyline. We're committed to delivering on product velocity and execution in 2024, and we look forward to continuing and deepening our successful partnerships. Our network of over 1,100 enterprise partners continues to grow because of our reach, depth, and scope of offerings across product verticals, compliance expertise, and technical capabilities. Our audience is expanding with nearly 80 million total customer inquiries in the first quarter alone. I'll now provide a quick update on our enterprise business and some of the trends we're seeing so far in the second quarter. Starting with the impact of the macroeconomic environment, the recent headwinds impacting revenue related to our personal loans vertical persisted in the first quarter. More recently, so far in the second quarter, we're seeing some positive signs. First, we're seeing stabilization in the underwriting environment. particularly within the personal loans vertical. There's renewed activity in our pipeline and growing interest in our digital marketplaces. As we make the investments to strengthen our position across product verticals like credit cards, insurance, and mortgages, there are substantial tailwinds to diversify beyond personal loans. We continue to see growth in total suppliers as evidenced by a very healthy total increase on the network over the quarter. Our marketplace technology is a key long-term growth engine for the entire Moneyline ecosystem. And with that, now I'll turn the call over to Rick to discuss our financials in detail.